The 96,000 sq ft Q4 Grade A office building at the flagship Quorum Business Park in Newcastle is now for sale.
The modern three-storey property, which comes with 313 on site car parking spaces, is being marketed for £2.5m, reflecting a net initial yield of 24.03% and a capital value of some £26 per sq ft.
The sale will be handled by property firms CBRE and Knight Frank.
The tenants in the building are IBM UK Limited and OSG Ship Management (UK) Ltd with opportunities for additional income generation presented by available space on the ground, first and part second floors of the building.
Quorum Business Park comprises more than 870,000sq ft of high quality office accommodation four miles to the north of Newcastle city centre and close to the A1 with occupiers such as HMRC, Tesco Bank, Balfour Beatty, Convergys and Aesica.
The established office park is widely considered to be one of the best in the Newcastle area and has previously been awarded the prestigious title of Commercial Project of the Year at the RICS North East Renaissance Awards.
Associate director of Capital Markets at CBRE, Robin Bullas, said: “Q4 presents an excellent opportunity for an investor seeking a quality Grade A office investment, let to two substantial occupiers, with asset management angles to improve income.
“Q4 is located within one of the most celebrated commercial locations in the North East and we anticipate keen interest in this property.”